The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has said the future of Nigeria’s financial services industry will be driven by artificial intelligence (AI), regulatory technology (RegTech) and cyber resilience rather than by capital accumulation alone.
He made the remarks during the Future of Banking Nigeria Summit in Lagos, where industry leaders examined the role of emerging technologies in transforming the banking sector.
Speaking on a panel titled “The Efficiency Frontier – AI, RegTech and Cyber Resilience,” Inuwa noted that Nigeria’s banking industry has successfully navigated major reforms over the past two decades, including the 2005 banking consolidation, the 2009 reforms and the ongoing recapitalisation exercise.
He stressed that the sector has now entered a new phase where digital trust, innovation and resilience will determine long-term growth and competitiveness.
According to the NITDA boss, AI offers significant opportunities to improve operational efficiency, strengthen decision-making, enhance customer experience and generate new revenue streams for financial institutions.
He added that RegTech solutions can simplify regulatory compliance, reduce operational costs, improve transparency and reinforce corporate governance, making banks more agile in an increasingly digital economy.
Inuwa also highlighted cybersecurity as a critical pillar for sustaining confidence in Nigeria’s financial system. He urged banks and financial institutions to invest in resilient digital infrastructure capable of protecting customer data and mitigating evolving cyber threats.
He further called on regulators to adopt more flexible and technology-driven supervisory approaches that can keep pace with rapid innovation in financial services.
He reaffirmed NITDA’s commitment to supporting policies and initiatives that encourage responsible innovation while strengthening Nigeria’s digital economy.
According to him, collaboration among regulators, financial institutions and technology providers will be essential in building a secure, efficient and globally competitive financial ecosystem capable of meeting the demands of the future.
